Norway Investments in Renewable Energy ‘Could Change the World’

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With more than $750 billion of holdings in its sovereign wealth fund, Norway is on the brink of potentially making renewable energy investments around the world.

Erna Solberg, who will be named Norway’s second female prime minister, has already heard proposals from her government to use sovereign wealth fund money to invest in sustainable companies and projects in developing countries, Climate News Network reported today. Leader of the conservative party, Solberg won the election in September.

World Wildlife Fund is calling for more investment in renewable energy and decrease investment in coal, oil and gas. Photo credit: WWF-Canon

She hasn’t publicly discussed the specific companies and projects the country might invest in, but there are already high hopes.

“If Norway actually does this, it will be an unprecedented shift in the global investment community and also for tangible action on climate change,” said Samantha Smith, head of the global climate and energy initiative at the World Wildlife Fund (WWF).

Financial analysts predict that other nations will follow Norway’s lead and also invest in renewable energy projects. Pension funds in Denmark and the Netherlands already support the renewables sector.

Legally, Norway’s fund can invest 60 percent of its money in stocks, 35 percent in bonds and up to 5 percent in real estate around the world. The fund owns large portions of some of Europe’s leading companies. Experts estimate that one in every $80 invested in global equities is owned by Norwegians.

The WWF wants Norway to allocate 5 percent of its portfolio to direct investments in renewable energy infrastructure and projects and to end its investments in coal and tar sands. The Norwegian government will also consider establishing a dedicated mandate for renewable energy.

“Norwegian savings could change the world,” WWF-Norway head Nina Jensen said. “This would provide a powerful boost for the shift from fossil fuels to renewable energy.”

Comments

Stewart Bowland

Wow. I’m ashamed that our Canadian government is the diagonal opposite to another conservative government in Norway. Norway is going to lead the way to a clean, renewable and sustainable future. Harper’s government just wants to fill their cronies pockets with dirty tar sands profits and doesn’t give a shot who or what gets ruined along the way. Despicable behavior Mr. Harper. Bravo Ms. Solberg.

Kim Triolo Feil

Mining for minerals for renewable energy should be a no brainer… they keep mining for single use fossil fuels in the US because of a corrupt system….they don’t want any resemblance to socialized medicine either because they have based their commerce on mining for fossil fuels and people getting sick-its all related too…incest is best in the US.

frigate

Conservatives can’t govern because they don’t believe in government. Progressive governments like Norway are models of good government.

Sustainable organic food for billions and billions and billions of people if n when GMO foods genetically modified foods crash where the super worms equated camp killed devour all GMOs. sustainable organic food will be worth trillions

Paul

This is really Brilliant stuff and i wonder whether Ms Solberg is interested in a Proposal by a Friend of Mine who is about to surrender his Company to a Chinese Mega Invester because the Europeans do not see this as the way forward.
Perhaps Ms Solberg you can see this note and could contact me as the Company has the potential to make €10,000 Million from a standing start in just 10 years and it needs your country’s help.